Review on Binance Coin by Benaiah A. Akinlade
The amazing BNB
Binance Coin (BNB) is a BEP2 based token of the Binance Chain mainnet created by the Binance cryptocurrency exchange. The Coin have grown in interest due to several rounds of token burning that have made BNB price appreciate and placed it in the top 10 cryptocurrencies by market capitalization.
BNB can be used like any other cryptocurrencies to pay for goods and services as long as it is accepted by the seller.
The coin is available for trading in more than 300 pairs across 120 exchanges
You cannot mine BNB like a PoW cryptocurrency, because it’s Blockchain uses the Byzantine Fault Tolerance (BFT) consensus mechanism, rather you can earn from securing the network by validating blocks.
Some features of BNB
1. The BNB price is currently 23.09 USD
2. BNB Ranked 8th best cryptocurrency
3. It has a market Cap of 3,209,933,182 USD
4. It has a Circulating Supply of 144,406,560 BNB
5. It has a Total Supply of 176,406,561 BNB
6. It has Maximum Supply of 176,406,561 BNB
Uses of BNB
1. It was designed to pay fees at discounts on the Binance platform and also as the native token of the Binance Chain.
2. Reduced Trading Fees - When you pay BNB to trade on Binance, you are entitled to 25% discount.
3. Binance Account Tier – If you have 30 days accumulated trading volume and BNB balance above certain thresholds you will be given VIP tiers plus discounts and perks.
4. Dust Conversion – You can convert small amounts of various cryptocurrencies that can’t be traded (dust) in your Binance account into BNB.
5. Binance Chain Native Token - BNB is used to pay for fees on the Binance Chain.
6. Spent as Cryptocurrency - BNB can also be used for payments such as paying at shops, credit card fees, gifts, etc
Holding BNB
Binance Coin can be held on various hardware and software wallet providers as mentioned below:
1. Non-custodial hardware wallets such as Ledger
2. Non-custodial software wallets like Trust Wallet, Bundle wallet, and Atomic Wallet
3. Custodial wallets on a centralized exchange such as Binance
Pros
- It can be easily used for cryptocurrency transactions
- It is not too expensive to buy at USD 23.09
- Easy to convert dust currencies to BNB
- Readily available to hold on different wallets
- There are fascinating discounts for holding BNB
Cons
- It can’t be mined
